Number
231196
Version
ORIGINAL
Reference
Sponsor
THE CHAIR
Title
Resolution authorizing up to a $700,000 loan from the RACM EPA Brownfield Revolving Loan Fund to Five Points MLKEDC, LLC or an agreed upon affiliate to be used on five parcels located along North Dr. Martin Luther King Jr. Drive between West Concordia Avenue and West Keefe Avenue, Milwaukee, Wisconsin.
Analysis
Body
Whereas, the Environmental Protection Agency (EPA) has awarded $13.2 million dollars in total Brownfield Revolving Loan Fund (BRLF) funding to the Authority for the purpose of making loans and subgrants in support of environmental cleanup on brownfield properties in Milwaukee; and
Whereas, the project is comprised of five parcels located along North Dr. Martin Luther King Jr. Drive between West Concordia Avenue and West Keefe Avenue, Milwaukee, Wisconsin (the “Project”) and has been determined to be blighted through the adoption of TID No. 114 (Five Points) (RACM Resolution No. 10934); and
Whereas, the Property is blighted by the contamination from historic occupancy/usage and urban fill material, and requires remediation; and
Whereas, Five Points MLKEDC, LLC or an agreed upon affiliate is constructing a new mixed-use building with 55 housing units (46 affordable) and 7,500 square feet of commercial space with a total estimated investment of approximately $16.4 million, and
Whereas, the Authority has RACM EPA BRLF funds available that could help ensure project feasibility; and
Whereas, the term sheet attached hereto contemplates the Authority and Five Points MLKEDC, LLC or an agreed upon affiliate entering into a loan agreement for $700,000 for environmental remediation; and
Whereas, to comply with requirements of the Authority’s Closeout Agreement with EPA, the Authority must consider the advantages and disadvantages of various remedial options, consider public input, and choose a preferred remedial option; and
Whereas, the Analysis of Brownfield Cleanup Alter...
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